Premier Energies and Waaree Energies just announced their December quarter results, and analysts at Nuvama Institutional Equities are bullish on both companies. Nuvama kept its ‘Buy’ rating for Premier Energies, saying the company’s performance was in line with expectations and its expansion plans are moving quickly.
Premier is set to reach 5.6 GW module capacity by March 2026 and add a 7 GW cell facility, which will take its total to 11.1 GW modules and 10.6 GW cells. With strong cash flows, solid return ratios, and aggressive growth plans, Nuvama has now increased its profit estimates and set a target price of ₹952.
For Waaree Energies, Nuvama said the Q3 numbers were a strong beat, and the company may even surpass its FY26 EBITDA guidance thanks to its deep backward and forward integration model. With a solid balance sheet and strong net cash position, Waaree’s higher capex requirements of ₹25,000 crore over the next few years look manageable. Nuvama raised profit estimates and gave Waaree a ‘Buy’ call with a target price of ₹3,867.
But the bigger story is what’s happening in the solar IPO market. Nuvama pointed out that recent IPOs—like Saatvik Green Energy and Emmvee Photovoltaic Power saw very weak investor demand, even though they were fully subscribed. Both companies wanted to raise money for expansion and backward integration, but the lukewarm response shows that raising funds in the solar space is getting harder.
According to Nuvama, this trend could benefit large players such as Reliance, Mundra Solar, Tata Power, Waaree Energies, and Premier Energies, who already have stronger balance sheets and better scalability.
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